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The Estée Lauder Companies Reports Solid Fiscal 2013 First-Quarter Results - Earnings Per Share Rose 12% To $.79 - Before Charges

For the three months ended September 30, 2012 and 2011, aggregate restructuring charges of $0.3 million and $3.0 million, respectively, were recorded in the Company’s consolidated statements of earnings related to the Program. These charges primarily reflected employee-related costs, asset write-offs, contract terminations and other exit costs.

The Company recorded other charges in connection with the implementation of the Program for the three months ended September 30, 2012 and 2011 of $0.1 million and $1.7 million, respectively, primarily related to consulting and other professional services. For the three months ended September 30, 2011, the Company recorded an adjustment to reduce the reserve for then-anticipated sales returns associated with restructuring activities of $0.7 million and a charge to cost of sales of $0.1 million.

Total charges associated with restructuring activities included in operating income for the three months ended September 30, 2012 and 2011, were $0.4 million and $4.1 million, respectively.

(B) In the first quarter of fiscal 2013, the Company redeemed $230.1 million principal amount of its 7.75% Senior Notes due November 1, 2013. As a result, the Company recorded a pre-tax charge to earnings of $19.1 million.


This earnings release includes some non-GAAP financial measures relating to charges associated with restructuring activities and the extinguishment of debt. The following is a reconciliation between the non-GAAP financial measures and the most directly comparable GAAP measure for certain consolidated statements of earnings accounts before and after the returns and charges associated with restructuring activities and the extinguishment of debt. The Company uses the non-GAAP financial measure, among other things, to evaluate its operating performance and the measure represents the manner in which the Company conducts and views its business. Management believes that excluding these items that are special in nature or that are not comparable from period to period helps investors and others compare operating performance between two periods. While the Company considers the non-GAAP measures useful in analyzing its results, it is not intended to replace, or act as a substitute for, any presentation included in the consolidated financial statements prepared in conformity with GAAP.

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